Author Topic: Who Do You Let Handle Your $?  (Read 101 times)

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Offline Truth OT

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Who Do You Let Handle Your $?
« on: February 11, 2015, 08:46:44 PM »
Out of curiousity I was wondering if you guys utilize financial advisors, planners, brokers, etc. to manage your savings? For those that do, what types of fees are you paying and, (the last 5 years not withstanding), how has your performance track record been?

Offline magicmiles

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Re: Who Do You Let Handle Your $?
« Reply #1 on: February 11, 2015, 08:53:25 PM »
I use a combination financial advisor/planner/broker/fund manager. She goes by the professional title of "my beautiful wife"

We don't have enough money to have ever considered professional advisers.

Personally I find the idea of trying to eke out more and more money from investments etc a bit distasteful, and I worry that for every dollar I make there is less money elsewhere for someone in greater need.

Having said that....I have a fundamental lack of understanding of how money and economies function. It truly confuses me, and I was actually thinking of starting a thread sometime to see if someone can educate me. I mean, obviously I get the 'means of exchange', and 'supply and demand' stuff, but in terms of how money is actually created and grown....clueless.
It's good to know the door can still be open wide.

Offline Nick

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Re: Who Do You Let Handle Your $?
« Reply #2 on: February 11, 2015, 10:13:19 PM »
After I win the 450 million powerball tonight I will let you know.  God told me I was going to win it tonight.
Yo, put that in your pipe and smoke it.  Quit ragging on my Lord.

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Online Dante

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Re: Who Do You Let Handle Your $?
« Reply #3 on: February 11, 2015, 10:15:10 PM »
I spend mine on booze, golf, and women.

The rest I just waste.
Actually it doesn't. One could conceivably be all-powerful but not exceptionally intelligent.

Online Nam

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Re: Who Do You Let Handle Your $?
« Reply #4 on: February 11, 2015, 10:18:00 PM »
Monkeys? I need no stickin' monkeys!

Wait...did you say monkeys or money?

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Online wright

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Re: Who Do You Let Handle Your $?
« Reply #5 on: February 11, 2015, 10:21:31 PM »
Well, if Nam doesn't need monkeys, that explains why there are still monkeys!!

Checkmate, creationists!!
Live a good life... If there are no gods, then you will be gone, but will have lived a noble life that will live on in the memories of your loved ones. I am not afraid.
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Online Nam

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Re: Who Do You Let Handle Your $?
« Reply #6 on: February 11, 2015, 10:22:50 PM »
I like monkeys. But I don't need 'em!

-Nam
I don't presuppose a god. I presuppose a delusion of something that doesn't exist based off the lack of evidence for it.

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Offline Merlin

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Re: Who Do You Let Handle Your $?
« Reply #7 on: February 12, 2015, 07:34:51 AM »
I am one of the last dinosaurs - you know, those folks who still have a defined benefit pension.  My old company manages this and pays all the fees.

My cash - better known as my Whiskey Money, is only in the mid six figures, so I handle that myself.

Sorry...
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Online screwtape

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Re: Who Do You Let Handle Your $?
« Reply #8 on: February 12, 2015, 08:31:39 AM »
I do not currently use a financial advisor, but I have researched them.  I am pretty smart, but I in no way feel competent at making good investment choices, so I have looked for experts.  The ones I looked at typically charged 1% of the total value they were managing, which is kind of a ripoff.  I think they should be paid for how much they grow my investment, not how much I invest.

First off, do not use anyone you do not pay.  If they do not work for you, then they get paid by commission on sales.  Which makes them sales people and do not have your interests at heart.  Now that Glass-Stegal was killed and banks can also do investments, your bank will off "free" financial advice.  Do not use them.  They are liars pushing a product, trying to steal your money.

Second, I have learned that even experts know nothing.  There is a link somewhere in this forum to an article by a statistician who found that trader performance is just about completely random.  His point was that giving them huge bonuses was stupid, since one year the trader might be #1, and the next he might be dead last.  So, you might Do as well letting a chicken pick your stocks at random.

I suggest you pick a couple of mutual funds based on risk and just leave them alone.  They fluctuate.  Some years are great, some are losses.  Over time, though, there is growth.  If it looks like the fund is going tits up, then act.  Otherwise, do not panic.




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Offline Truth OT

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Re: Who Do You Let Handle Your $?
« Reply #9 on: March 04, 2015, 06:04:12 PM »
I have found the business of financial advisory services to be one filled with NON expert product pushers that know very little about building a portfolio. Managed money brokers typically charge 1% to 1.5% annually to sponsor "professional" money management for client where what they in effect do is place client funds in an account that operates in an autopilot status with the PRIMARY goal being to keep the client's assets in a diversified portfolio in a designated risk spectrum. In layman's terms, it's a way for firms and their advisors to cover their asses and make money in the process. The average managed account, after all fees are added, costs upwards of 2.2% per year which means that in order to clear 5% growth, you much actually grow your balance by nearly 7.5%. This is a classic case of an industry profiting off of the fears and ignorance of a society that thinks they need someone to manage money for them because it's too hard to do it on your own.

All that said, if anyone out there would like a bit of guidance navigating the "minefield" of long term investing, I have some insights that I think can be helpful. Most advice will be free, but if anyone would like some in depth, handle my accounts type of hands on help, there may be a fee.